Accelerate digitization to increase resilience
Current digitization strategies typically focus on increasing productivity of a company. Maintaining productivity is, however, equally important as the COVID-19 pandemic demonstrates. A robust technical infrastructure and end-to-end digital processes (“paper-less”) are key elements to safeguard productivity during disastrous events. First-response actions such as implementing business continuity plans and stabilization of business operations should be accompanied by proactive measures: companies should rethink and accelerate their digitization strategy to increase resilience and optimize business processes at the same time. Contractual arrangements with IT service providers should be revisited, data privacy and security topics as well as industry-specific regulations must be kept in mind. Although companies are now busy responding to the COVID-19 challenge, we will soon face a recovery phase that will once again show the importance of a holistic and sustainable digitization strategy. Using “lessons learned” is key to prepare for and thrive in the future.
Read more regarding recommended actions in our working paper.